Carnavale Resources CEO Humphrey Hale talked with Proactive about the company's latest progress at the Kookynie Gold Project in Western Australia, following the release of its quarterly update. The company has announced a 38% increase in total resources at the site, bringing the figure to 117,000oz at 4.3g/t, underpinned by two drilling campaigns conducted over the past year.
Significantly, 66% of the total resource is now in the indicated category, representing a 46% increase in confidence — a key development as Carnavale pushes toward monetising the asset. "The new scoping study incorporates the updated and increased resource and is already underway," Hale said, adding that early feedback has been encouraging.
The updated study builds on the 2024 scoping numbers, which indicated a Net Present Value (NPV) of AUD 91 million at a gold price of AUD 3,500/oz. With the gold price now sitting at AUD 5,100/oz and nearly 40% more ounces in hand, the company expects a meaningful economic uplift. Carnavale is concurrently progressing heritage agreements tied to a mining license application and is exploring potential toll treatment, JV, or contract mining routes.
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